BY Milcah Tanimu

Zenith Bank Plc has officially entered into a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat to collaboratively create the SMARTAfCFTA Portal. Designed to facilitate trade enhancement across the African continent, this portal will serve as a comprehensive resource offering vital trade information such as market trends, trade indicators, custom tariffs, trade agreements, rules of origin, and other pertinent trade-related details for different jurisdictions. The SMARTAfCFTA Portal is poised to capitalize on the abundant trading prospects within Africa, thereby stimulating increased trade activities. The signing of the MoU took place during the 8th Annual Zenith Bank International Trade Seminar on Non-Oil Exports, themed “Nigerian Non-Oil Export Industry: The Present, The Future.” Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, and His Excellency Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, formalized the agreement. The event was held both physically at the Civic Centre in Victoria Island, Lagos, and virtually. Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank, expressed his thoughts on the collaboration, highlighting its potential to not only advance Nigeria’s economic prosperity but also to bolster trade across the entire African region. He emphasized that this partnership aims to harness the extensive opportunities presented by the AfCFTA agreement. Furthermore, Dr. Onyeagwu emphasized the substantial role played by the annual Zenith Bank Trade Seminar in promoting non-oil exports within Nigeria. The seminar facilitates interactions between non-oil export practitioners and government agencies, encouraging discussions on opportunities and solutions to challenges in the non-oil export sector. Recommendations from past seminars have contributed to policy changes, including extending the period for repatriating non-oil export proceeds and implementing the requirement of a Nigeria Export Proceeds (NXP) Form Number for exports. In his keynote address during the Zenith Bank International Trade Seminar, His Excellency Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, expressed gratitude to Jim Ovia, CFR, the Founder and Chairman of Zenith Bank, for spearheading the collaboration. He acknowledged Zenith Bank’s instrumental role in conceiving the idea for the SMARTAfCFTA Portal, underscoring the bank’s commitment to digitalizing trade across Africa. Dr. Kingsley Obiora, the Deputy Governor of Economic Policy representing the Acting Governor of the Central Bank of Nigeria, commended Zenith Bank for its leadership in advocating for Nigeria’s non-oil export promotion. He highlighted the importance of concerted efforts to enhance the contribution of non-oil exports to Nigeria’s GDP. Zenith Bank initiated the Non-Oil Export Seminar in 2016 with the goal of fostering discussions around promoting non-oil export activities in Nigeria. The 2023 edition featured a message from Mr. Olusegun Awolowo, the Secretary of the National Action Committee on AfCFTA, as well as two-panel discussions: “Nigeria Non-Oil Export Industry – Growth Opportunities” and “Harnessing the Opportunities in Service Export.”